Carotenoid Market accounted for US$ 1.65 billion in 2020 and is estimated to be US$ 2.51 billion by 2030 and is anticipated to register a CAGR of 4.3%.. Increase in the adoption of carotenoids in wide variety of applications including food, animal feed, dietary supplements, pharmaceuticals, and cosmetics is a major factor driving the growth of the carotenoid market. In addition, increasing demand for healthy & natural food and growing supplement consumption due to rising health issues are some other factors expected to support growth of the global market in the forecast period. There is an hike in the demand among consumers for clean and natural products that contain natural supplements and colors. This has created new opportunities for key manufacturers to work on the extraction of carotenoid with the natural means.

The report "Carotenoid Market, By Type (Astaxanthin, Beta-carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin, and Others (annatto, capsanthin, fucoxanthin, and trans-β-apo-8'-carotenal)), By Production Method (Chemical synthesis, Extraction from botanical material, Fermentation, and Algae route), By Formulation Type (Oil suspensions, Beadlets, Powders, and Emulsions), By Application (Feed, Food, Supplements, Cosmetics, and Pharmaceuticals), and Region - Global Forecast to 2029"

Key Highlights:

• In 2018, KnipBio had developed SCP strain to produce astaxanthin for aqua feed. The company had announced that it has developed a way to produce commercial amounts of its SCP based meal that also contains bio-astaxanthin.

Key Market Insights from the report:          

Carotenoids market accounted for US$ 1.65 billion in 2020 and is estimated to be US$ 2.51 billion by 2030 and is anticipated to register a CAGR of 4.3%.over the forecast period. The market report has been segmented on the basis of type, end-user, and region.

• By type, the carotenoid market is segmented into astaxanthin, beta-carotene, lutein, lycopene, canthaxanthin, zeaxanthin, and others. Astaxanthin is accounted for the highest market share in the carotenoids market in terms of value. Astaxanthin, has recently gained attention in the dietary supplement for joint, skin, and eye health which was earlier used only for imparting a rich pink color to farmed salmon.
• By production method, the carotenoid market is segmented into chemical synthesis, fermentation, extraction from botanical material, and algae route
• By formulation type, the carotenoid market is bifurcated into oil suspensions, beadles, powders, and emulsions
• By application, the carotenoid market is categorized into feed, food, supplements, cosmetics, and pharmaceuticals. Based on application, the food & beverage industry segment is expected to represent the highest growth due to high demand for functional food products.
• By region, the market in North America is dominating the global market and is expected to continue its dominance over the forecast period. This can be owned to increase in the demand from food and pharmaceutical sector with presence of major players operating in the economies in this region.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on " Carotenoid Market”, By Type (Astaxanthin, Beta-carotene, Lutein, Lycopene, Canthaxanthin, Zeaxanthin, and Others (annatto, capsanthin, fucoxanthin, and trans-β-apo-8'-carotenal)), By Production Method (Chemical synthesis, Extraction from botanical material, Fermentation, and Algae route), By Formulation Type (Oil suspensions, Beadlets, Powders, and Emulsions), By Application (Feed, Food, Supplements, Cosmetics, and Pharmaceuticals), and by Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)- forecast till 2029

The prominent player operating in the carotenoid market includes include BASF SE, Royal DSM N.V., Hansen A/S, FMC Corporation, Cyanotech Corporation, KnipBio Inc., D. Williamson & Co., Inc., Döhler Group, and Allied Biotech Corporation.

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Some Important Points Answered in this Market Report Are Given Below:

• Explains an overview of the product portfolio, including product development, planning, and positioning
• Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
• Detailed analysis of the market revenue over the forecasted period.
• Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
• Study on the segments that are anticipated to dominate the market.
• Study on the regional analysis that is expected to register the highest growth over the forecast period

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